HNSS(SZ:002320) Tianfeng Securities·2024-07-16 08:02Investment Rating - The investment rating for the company is "Buy" with a 6-month target price maintained [3][6][11]. Core Views - The company has maintained a high cash dividend payout ratio of approximately 70% over the past five years, with an expected dividend yield of 3.4% for 2024 based on this ratio [1][11]. - The new Hainan passenger transport hub is expected to significantly enhance the company's port throughput and revenue, contributing to robust growth in passenger and vehicle traffic [4][5][10]. - The company has adjusted its profit forecasts for 2024-2025 downwards due to increased costs associated with the new hub, but it still anticipates a net profit of 5.49 billion, 6.63 billion, and 7.49 billion for 2024-2026 [6][11]. Financial Data Summary - The company’s total revenue is projected to grow from 2,963.47 million in 2022 to 6,032.21 million by 2026, reflecting a compound annual growth rate (CAGR) of approximately 8.68% [7][16]. - The net profit attributable to the parent company is expected to increase from 151.98 million in 2022 to 748.94 million by 2026, with a growth rate of 12.93% in 2026 [7][16]. - The company's earnings per share (EPS) is forecasted to rise from 0.07 in 2022 to 0.34 in 2026, indicating a positive growth trajectory [7][17]. Market Performance - In the first half of 2024, the company achieved a passenger volume of 11.396 million and a vehicle volume of 3.205 million, representing year-on-year growth of 8% and 7% respectively [10]. - The market share for the Hainan route remains stable, with a passenger flow share of 75% and a vehicle flow share of 84.4% in the first half of 2024 [10].